The Australian economy is on track to fully recover from the pandemic recession by the middle of next year after figures revealed the largest quarterly expansion in GDP since the mid-1970s as consumers freed from coronavirus restrictions went on a spending spree.
Treasurer Josh Frydenberg, who claimed the quarterly result would have shown GDP up 5 per cent but for the second shutdown across Victoria, said the figures were promising and showed the economy was starting to grow. But the strong rebound in the September quarter, and signs the December quarter will also be strong due to the reopening of Victoria, is forcing a re-appraisal of those forecasts.
The figures, however, did show ongoing weakness in business investment. Spending by private firms on buildings dropped 4.9 per cent to be 9.6 per cent lower over the year, while expenditure on plant and equipment is now 13 per cent lower than at the September quarter 2019.
Li Yi, self-claimed visiting U.S. scholar, jokes about COVID-19(CCP Virus) outbreak that has ravaged the world...
Did the covid tracing app track them?
Frydenberg just another incompetent Liberal
Got my dollars!
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